Bank of America to increase minimum wage to $20, employees will make $41,000 per year, CEO says

The minimum wage for employees at Bank of America will go up to $20 in the next couple of years.

The company said in a news release Tuesday that the hourly minimum wage will increase to $17, continuing in increments over the next two years until it reaches $20 in 2021. The current minimum wage rate is $15 an hour.

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"If you get a job at Bank of America, you'll make $41,000 (a year)," Chairman and CEO Brian Moynihan told CNBC. "With the success our company has ... we have to share that success with our teammates."

The company is touting the announcement as its commitment to being a great place to work. Bank of America has more than 205,000 employees across the country.

"We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams," Sheri Bronstein, chief human resources officer at Bank of America, said in a statement. "Saying thank you, celebrating great work, and sharing our success further demonstrate our commitment to being a great place to work."

In addition to raising hourly pay, Fortune reported the company will also freeze health care cost increases for lower-paid workers.